Caritas Affordable Housing Inc in Irvine, California (CA)

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Caritas Affordable Housing Inc
Employer Identification Number (EIN)330829212
Name of OrganizationCaritas Affordable Housing Inc
Address5520 Trabuco Rd, Irvine, CA 92620-5705
SubsectionCharitable Organization
Ruling Date02/1999
DeductibilityContributions are deductible
FoundationOrganization that normally receives no more than one third of its support from gross investment income and unrelated business income and at the same time more than one third of its support from contributions, fees, and gross receipts related to exempt purposes
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2011
Assets$50,000,000 to greater
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$61,706,377
Amount of Income$9,050,881
Form 990 Revenue Amount$9,050,881
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management


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Amount of income in 2011: $9,050,881
This organization: 

 $9,050,881
Other organizations performing similar types of work: 

 $139,990

Assets in 2011: $61,706,377
This organization: 

 $61,706,377
Other organizations performing similar types of work: 

 $733,330

Expenses in 2007: $8,644,079
This organization: 

 $8,644,079
Other organizations performing similar types of work: 

 $912,131

Income to expenses ratio in 2007: 1.0
Caritas Affordable Housing Inc: 

 1.0
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2007: 95.1%
Caritas Affordable Housing Inc: 

 95.1%
Other organizations performing similar types of work: 

 92.2%

Grants share in income in 2007: 0.0%
Caritas Affordable Housing Inc: 

 0.0%
Other organizations performing similar types of work: 

 0.0%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20032004200520062007
Total revenue$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0
Indirect public support$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0
Program service revenue including government fees and contracts$805,353$5,071,809$6,942,241$7,892,272$8,122,059
Membership dues and assessments$0$0$0$0$0
Interest on savings and temporary cash investments$8,154$129,260$162,123$433,587$418,253
Dividends and interest from securities$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0
Gross rents$0$0$0$0$0
Less: rental expenses$0$0$0$0$0
Other investment income$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$403,148$0
Gross amount from sales of assets other than inventory$0$0$0$9,797,038$0
Less: cost or other basis and sales expenses$0$0$0$9,393,890$0
Net income or (loss) from special events and activities$0$0$0$0$0
Gross revenue$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0
Gross profit or (loss) from sales of inventory$4,884$13,967$17,035$45,013$8,127
Gross sales of inventory, less returns and allowances$25,000$13,967$17,035$45,013$8,127
Less: cost of goods sold$20,116$0$0$0$0
Other revenue$0$0$0$0$0
Total expenses$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Program services$1,165,826$5,076,849$5,786,715$8,005,879$8,217,579
Management and general$0$0$0$0$0
Fundraising$0$0$0$0$0
Payments to affiliates$2,801$114,733$313,750$310,946$426,500
Net assets or fund balances at end of year$-4,470,804$-4,447,350$-3,426,416$-2,994,006$-3,087,974
Excess or (deficit) for the year$-350,236$23,454$1,020,934$457,195$-95,640
Net assets or fund balances at beginning of year$0$-4,470,804$-4,447,350$-3,426,416$-2,994,006
Other changes in net assets or fund balances$-4,120,568$0$0$-24,785$1,672
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$8,217,579$8,217,579$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$523,476$523,476$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$95,931$95,931$0$0
Payroll taxes$43,747$43,747$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$47,358$47,358$0$0
Legal fees$76,656$76,656$0$0
Supplies$20,029$20,029$0$0
Telephone$125$125$0$0
Postage and shipping$7,152$7,152$0$0
Occupancy$5,731,144$5,731,144$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$7,427$7,427$0$0
Travel$5,266$5,266$0$0
Conferences, conventions, and meetings$3,732$3,732$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$895,625$895,625$0$0
Other expenses not covered above$759,911$759,911$0$0
Balance Sheets
20032004200520062007
Total assets$38,131,767$37,636,178$65,797,831$65,938,702$65,254,839
Cash - non-interest-bearing$88,624$5,559$140,320$154,385$87,000
Savings and temporary cash investments$3,810,151$3,660,219$9,141,958$8,907,680$8,870,005
Accounts receivable less allowance for doubtful accounts$15,172$37,329$41,191$30,017$64,533
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0
Grants receivable$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$1,550$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$125,324$74,579$70,505$201,658$232,474
Inventories for sale or use$0$0$0$0$0
Prepaid expenses and deferred charges$20,669$133,809$206,725$191,746$179,516
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0
Investments - other$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$27,468,431$27,431,710$48,119,311$48,731,308$48,327,577
Other assets, including program-related investments$6,603,396$6,291,423$8,077,821$7,721,908$7,493,734
Total liabilities$42,602,571$42,083,528$69,224,247$68,932,708$68,342,813
Accounts payable and accrued expenses$1,031,134$1,164,893$1,584,377$1,817,839$1,679,725
Grants payable$0$0$0$0$0
Deferred revenue$0$0$34,017$2,033$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0
Tax-exempt bond liabilities$0$36,891,699$63,390,000$63,335,000$63,275,000
Mortgages and other notes payable$41,536,256$4,026,936$4,195,995$3,758,928$3,363,009
Other liabilities$35,181$0$19,858$18,908$25,079
Total liabilities and net assets/fund balances$38,131,767$37,636,178$65,797,831$65,938,702$65,254,839
Total net assets or fund balances$-4,470,804$-4,447,350$-3,426,416$-2,994,006$-3,087,974
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20032004200520062007
Total revenue$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Total revenue, gains, and other support per audited financial statements$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Other expenses$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0
Other$0$0$0$0$0
Other revenue$0$0$0$0$0
Investment expenses$0$0$0$0$0
Other$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20032004200520062007
Total expenses$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Total expenses and losses per audited financial statements$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Other revenue$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Prior year adjustments$0$0$0$0$0
Losses$0$0$0$0$0
Other$0$0$0$0$0
Other expenses$0$0$0$0$0
Investment expenses$0$0$0$0$0
Other$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings6
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$426,380$8,122,059
Program service revenue
Program service revenue 1000000$000$0$6,809,814
Program service revenue 2000000$000$0$1,312,245
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$418,253$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$8,127$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
Enter the total number of donor advised funds owned at the end of the tax year$0
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
20022003200420052006
Total$0$818,391$5,215,036$7,121,399$8,774,020
Gifts, grants, and contributions received$0$0$0$0$0
Membership fees received$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$805,353$5,071,809$6,942,241$7,892,272
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$8,154$129,260$162,123$433,587
Net income from unrelated business activities not included above$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0
Other income$0$4,884$13,967$17,035$448,161
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2010)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2010)
Total revenue$8,818,122
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$8,707,684
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$110,438
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2010)
Total functional expenses$9,271,625
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$560,421
Payroll taxes$63,199
Professional fundraising services$0
Other$8,648,005
Balance Sheet (for 2010)
Total assets$62,496,934
Total liabilities$66,405,426
Tax-exempt bond liabilities$62,760,000
Secured mortgages and notes payable to unrelated third parties$1,988,845
Unsecured notes and loans payable to unrelated third parties$0
Other$1,656,581
Total net assets or fund balances$-3,908,492
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2010)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2010)
2006 - 2010 Total
Total support$43,694,755
Gifts, grants, contributions, and membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$41,753,330
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$1,466,047
Other$475,378
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Texas Corporation For The Preservation Of Afordable Housing275 Battery St Ste 500, San Francisco, CA 94111-3377CA2001-01$10,593,172
2Caritas Affordable Housing Inc5520 Trabuco Rd, Irvine, CA 92620-5705CA1999-02$9,050,881
3National Community Renaissance Development Corporation9421 Haven Avenue, Rancho Cucamonga, CA 91730-5886CA1998-06$6,983,599
4Bay Area Housing Corporation101 Church St Ste 4, Los Gatos, CA 95030-6927CA2003-09$5,534,057
5Coach Of San Diego Inc20 Pacifica Ste 1470, Irvine, CA 92618-7468CA2001-01$4,626,493
6Foundation For Affordable Housing V Inc30950 Rancho Viejo Rd Ste 100, San Juan Capo, CA 92675-1767CA2002-01$4,149,738
7Mid-Peninsula Country Hills Inc303 Vintage Park Dr Ste 250, Foster City, CA 94404-1176CA1991-06$1,751,626
8Harrison Bryant Kearney Blvd Plaza Inc720 W Hawes Ave, Fresno, CA 93706-2830CA2012-07$1,278,466
9Garden Grove Housing Corporation18100 Von Karman Ave Ste 500, Irvine, CA 92612-0196CA2001-05$1,258,460
10Continental Foundation5151 Thorn Tree Ln, Irvine, CA 92612-2345CA2000-02$1,224,362
11Csu Fullerton Housing Authority2600 Nutwood Avenue, Fullerton, CA 92831-3145CA2000-10$1,139,836
12Fair Housing Council Of Riverside County Inc3933 Mission Inn Ave, Riverside, CA 92501-3219CA1992-12$1,133,839
13Livable Places9107 Wilshire Blvd, Beverly Hills, CA 90210-5531CA2001-03$1,085,501
14Rubicon Villages Inc2500 Bissell Ave, Richmond, CA 94804-1815CA2002-10$950,248
15Heritage Community Housing Inc500 S Kraemer, Brea, CA 92821-6728CA1997-04$56,141
163ei24200 Summerhill Ave, Los Altos, CA 94024-5245CA2005-07$28,217
17Affordable Housing Assistance1440 Maria Ln Ste 160, Walnut Creek, CA 94596-8801CA1998-05$26,948,523
18Elwyn Nc3190 S Bascom Ave Ste 210, San Jose, CA 95124-2510CA2008-04$16,546,919
19Affordable Housing Access Inc4029 Westerly Pl Ste 101, Newport Beach, CA 92660-2329CA2000-05$11,230,350
20Mustard Seed Housing2425 Channing Way 568, Berkeley, CA 94704-2260CA2002-05$8,599,238
Number of organizations performing similar types of work
Alaska13
Alabama74
Arkansas50
Arizona70
California562
Colorado59
Connecticut65
District of Columbia37
Delaware21
Florida261
Georgia182
Hawaii36
Iowa43
Idaho18
Illinois179
Indiana90
Kansas29
Kentucky56
Louisiana153
Massachusetts136
Maryland105
Maine36
Michigan185
Minnesota74
Missouri83
Mississippi43
Montana24
North Carolina129
North Dakota9
Nebraska32
New Hampshire14
New Jersey152
New Mexico17
Nevada25
New York362
Ohio177
Oklahoma52
Oregon48
Pennsylvania170
Rhode Island29
South Carolina67
South Dakota16
Tennessee102
Texas290
Utah28
Virginia102
Vermont10
Washington64
Wisconsin56
West Virginia23
Wyoming7
International32
Total4,697

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